JUDGMENT

      A.M. Ahmadi, CJI.-By this petition brought under Article 32 of the Constitution of India by and on behalf of the retired and in-service employees of Life Insurance Corporation of India ( LIC for short) who were employees of the erstwhile Oriental Government Security Life Assurance Company, Limited, (hereinafter called the Company ), certain reliefs in regard to the upward revision of pension and dearness allowance or dearness relief payabe thereon and other reliefs related thereto are sought. The brief facts which relevant for our purpose are as follows :

2. The erstwhile Company had sometime in the year 1908 established a Pension Fund for the Oriental employees which on the nationalisation of life insurance business under the Life Insurance Corporation Act, 1956 (hereinafter called the Act ) has been renamed Life Insurance Corporation (Oriental) Pension Fund. Thus, the responsibility of managing the said Fund was taken over by the LIC. The Company had framed rules for the administrration of the Pension Fund; Rule 10 whereof provided for addition of interest to the said Fund to the extent it would work out to 5% of the amount of the Pension Fund at the close of the y